Rising demand for cloud computing, edge computing, and data security fuels growth in the hosting infrastructure services market.
PORTLAND, OREGON, UNITED STATES, November 6, 2023 /EINPresswire.com/: The hosting infrastructure services market was valued at $14.5 billion in 2021 and is estimated to reach $32.5 billion by 2031, growing at a CAGR of 8.4% from 2022 to 2031.
Hosted services are applications, IT infrastructure components, or functions that organizations access from external service providers, typically through an internet connection. Hosted services cover a wide spectrum of offerings, including web hosting, off-site backup, and virtual desktops. Cloud services also fall within the hosted services category, although not every hosted service resides in the cloud. A customer, for example, may access an application from a hosting provider’s dedicated server. A hosting infrastructure service provides a combination of IT solutions such as web development, web hosting, email, infrastructure, and applications over the internet. It helps organizations reduce the operational costs that they incur to set up enterprise infrastructure.
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Furthermore, growth in demand for low-cost IT infrastructure and faster data accessibility and an increase in the number of small and medium businesses are boosting the growth of the global hosting infrastructure services market. In addition, the rapid growth of cloud technology is positively impacting the growth of the hosting infrastructure services market. However, security concerns over private cloud deployment are hampering the growth of the hosting infrastructure services market. On the contrary, growth in cloud adoption among SMEs is expected to offer remunerative opportunities for expansion during the hosting infrastructure services market forecast.
On the basis of end users, the energy and utilities segment dominated the hosting infrastructure services market in 2021 and is expected to maintain its dominance in the upcoming years. In the energy and utilities sectors, legacy systems relying on human involvement are extensively being replaced by automated systems. In addition, the rise in demand for web applications in this sector is increasing the adoption of hosting infrastructure services in this segment.
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A surge in the need for networking infrastructure fuels demand for hosting infrastructure services in the energy and utilities sectors. In addition, the unique requirements of petroleum seismic processing, energy production, and oil and gas data management have boosted the demand for hosting infrastructure that offers specific energy industry expertise. Moreover, hosting infrastructure services reliably support software applications as well as the huge data volume behind critical activities such as well-path planning, seismic interpretation, and unconventional systems engineering. Hence, players in the energy and utility industries are collaborating with hosting infrastructure service providers to improve the stability of their networks, which augments the growth of the hosting infrastructure services market.
Depending on the region, North America dominated the hosting infrastructure services market share in 2021. North America offers adequate infrastructural development to adopt hosting infrastructure service technology. In addition, leading vendors are focused on the development of novel solutions, strategic alliances, and geographical expansion to strengthen their market presence globally. The BFSI and government industries are expected to dominate the hosting infrastructure services market during the forecast period.
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The key factors that drive the North American market include growth in demand for low-cost cloud infrastructure development and faster network accessibility.
Asia-Pacific is expected to witness the highest growth in the hosting infrastructure services market, owing to an increase in the adoption of fast internet connectivity, including 4G connections, a large population base, a rise in competition among telecom and IT service providers, and an increase in GDP.
The COVID-19 outbreak has had a high impact on the growth of the hosting infrastructure services market, as an increasing number of smartphone users, growing adoption of connected devices, and a surging e-commerce sector provide lucrative opportunities for the growth of the hosting infrastructure services market. COVID has caused crises in social, economic, and energy areas and medical life worldwide throughout 2020. This crisis had many direct and indirect effects on all areas of society.
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This report gives an in-depth profile of some key market players in the hosting infrastructure services market, including AT &T Inc., CoreSite, Google, llc., Hewlett Packard Enterprise (HPE), IBM Corporation, Microsoft Corporation, Equinix Inc., GoDaddy Operating Company llc., Netapp, and Rackspace. These major players have adopted various key development strategies, such as business expansion, new product launches, and partnerships, which propel the growth of the hosting infrastructure services industry globally.
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